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Merritt Hall, Room 5217
November 12, 2014
The Central Virginia Community College Educational Foundation Board of Directors met at 8:00 AM on Wednesday, November 12, 2014.


Doyle Allen


Fred Armstrong


Sandy Baker


Bill Blevins


Vivian Brown


John Capps


Clyde Clark


Lorenza Davis


John Doyle


Greg Graham


Stephanie Hart


Larry Jackson


Patti Jurkus


Karen Kinnier


Steve McElroy


Ryan McEntire


Chet McPhatter


Zoe Myers


Winfred Nash


Chris Olson


John Poole


Kathryn Pumphrey


Mitch Reaves


David Scott


John Watts


Mike Bradford


Peggy Samuels


Catherine Rice


Dan Chipman





The meeting was called to order by President Winfred Nash.


On a motion from John Doyle and seconded by Zoe Myers, the minutes of the August 19, 2014 meeting were unanimously approved by the Board.


Dr. Capps reported on the state of the college.  He shared with the board the college’s 2014 goals set for the just completed school year as well as the college’s goals for the upcoming year.  As far as last year’s numbers, the college met 46 out of 52 goals.  The main goal unmet was a decrease in financial aid awarded.  Due to the decrease in enrollment, the college is now reorganizing departments to become more efficient and effective.  The college has hired Michael Farris to fill a new position as Dean of Enrollment Management. Michael will be responsible for financial aid, admissions, and recruitment.  Another new position that will be advertised in the future will be for a Dean of Student Success, which will deal with everything after enrollment, such as counseling, tutoring, the library, student success and retention.
Dr. Capps reported on the budget for the college.  The college was required to submit a budget that was reduced 2.2% for the current school year.  He stated a potential cut for next year is still tentative. The college is scaling back the budgets for professional development, books for the library and keeping positions open that are currently empty. 
The college is looking at moving or closing the Amherst Center, which is losing approximately $75,000 a year.  It has dramatically low enrollment, with six student FTEs, not including Early College.  Dr. Capps listed the Amherst County school and government leaders he has met with to discuss this potential change. If the closing takes place, the Amherst Early College program at the center would move to CVCC. 
The college has completed its work on the reaffirmation of its accreditation from SACSCOC.  After a successful visit from the on-site committee of SACSCOC, the college was found compliant in all 87 areas.  In addition, the committee made no recommendations for improvement.  The reaffirmation will be finalized at the SACSCOC board meeting in May.  He stated it was an ultimate tribute to the college community.  He thanked the board for its steadfast support during this time.
He closed his remarks by thanking the board for their service. 
John Poole presented the corporation’s FY15 First Quarter Financial Statements. 
The cash and cash equivalent balances reported are $650,181.  This amount is broken down between $368,254 in checking and $281,927 in the money market account, both with SunTrust.  Interest year-to-date was $171.
The market value of the long-term investments at the end of the first quarter was $2,706,574.  Dividends and interest year-to-date were $10,924 and investment fees were $6,528. 
The total Foundation revenue from July 1, 2014 through September 30, 2014 was $112,447.  This amount includes $35,989 which represents private donations made to the college during the fiscal year and $18,829 represents donations to the Annual Fund.  The total Foundation expenses from July 1, 2014 through September 30, 2014 were $65,265, including $58,737 for Program Services.
On a motion by Clyde Clark and seconded by John Doyle, the board approved the Treasurer’s Report.


Mr. McEntire presented items that had come before the Finance Committee at their meeting on October 29, 2014.
Mr. McEntire reported the foundation’s Audit Committee met with the CPA and that the FY14 audit produced no material exceptions in the management report, only positive and complimentary comments.  Mr. McEntire proceeded to review the FY14 Audit and Tax Return.  On a motion from John Doyle and seconded by Kathryn Pumphrey, the audit report and tax returns for FY14 were unanimously approved by the Board.
He informed the board that this year we would be rotating auditors.  An RFP will go out and once that is completed, the committee will evaluate the candidates and bring recommendations to the board.
Mr. McEntire presented the SunTrust Quarterly Report to the board.  He noted that the portfolio equity allocation (64.34%) meets the policy requirements (65%-75%), once it is adjusted for the equity-like alternative strategy Wasatch fund, which at 6.90% brings the total equity allocation to 71.24%.  He informed the committee that the committee had pre-approved an exception to the fixed income duration being under the range required by the Investment Policy for the Sept. 30th and Dec. 31st quarters.  Mr. McEntire noted that the investment management fee is currently around 95 basis points, but increased Oct. 1st to around 105 basis points and is not reflected in the portfolio performance numbers in this report.
Mr. Bradford presented the First Quarter FY15 YTD Foundation Budget report.  Total contributions were $54,817, while grant revenue was zero and all investment related income was $57,629.  Mr. Bradford explained that the grant income is all from the Tobacco Commission and represents reimbursements on scholarships and on equipment purchases.  He said that around $280,000 in reimbursement requests should be sent to the Commission within a few weeks and hopefully will be received before the end of the second quarter.
Mr. Bradford proceeded to present the expenses.  He noted that the college has not yet billed the foundation for fall scholarships.  Likewise, some of the larger overhead items such as the annual Accounting charge and the audit fee are not paid until the second quarter.  He pointed out that the software fees shown included the $7,500 for the new scholarship software, and also the one-time charge of $4,800 for the installation of that software which is underway right now.  Mr. Bradford also noted that the $3,558 shown as an unbudgeted expense for the Science Fair was actually the transfer of those funds to their new home at the Future Focus Foundation.
Clyde Clark presented items that had come before the Scholarship Committee at their meeting on October 30, 2014.
Mr. Clark reported that as of Sept. 8th (the last day to add classes was Aug. 26th), the foundation had awarded $514,704 in scholarships.  He estimated this year is at least two to three times what was done in the prior year.
Mr. Bradford was asked to give an update on Academic Works software being installed to move the scholarship process out of the paper/manual system now being used to one that is online and automated.  He stated that the goal is to have the new system and the online application up and available to applicants by February 1st for the 2015-2016 school year.
Mr. Clark informed the committee that the Tobacco Commission had approved a $440,000 grant for scholarships for the 2015-2016 year. 
The chairman then presented two requests for funding from the foundation’s Faculty & Grant Program. The first for $395 is to fund marketing expenses for the Respiratory Therapy Technology program whose enrollment is running about half of its accredited maximum of 20 students per year in a field that provides excellent prospects for employment.  The second request was for $300 to fund flyers to make students aware of two new courses in Environmental Science (ENV 121 & 122) which will debut in the spring semester and which offer advantages to students insofar as their tr4ansferablility to four year colleges and their ability to satisfy general education requirements in CVCC’s Associate degree programs. 


Mr. Jackson presented items that the Resource Development Committee discussed at their meeting on October 30, 2014.
Mr. Jackson asked Mr. Bradford to review the FY15 year-end Fundraising Report.  Mr. Bradford began with restricted funds raised of $18,381 noting that none of the unrestricted campaign components are really underway in the first quarter, other than corporate which is done on a rolling basis throughout the year.  The Employee Campaign began on Sept. 20th and the various campaigns focused on individuals will be mailed during November.  On the restricted funds raised of $25,101, he pointed out that he plans to request a Centra Foundation grant at their March 1st submission, so the timing is different than last year.  For the Great Expectations campaign, he has applied for grants to support that program from Greater Lynchburg Community Trust, the Retail Merchants Foundation and the Easley Trust. 


Ms. Myers presented items that the Governance Committee discussed at their meeting on October 29, 2014.
The following members were nominated to a three year term ending December 31, 2017:
          Peyton S. (Sandy) Baker
          William V. Blevins
          Lorenza E. Davis
          Larry E. Jackson
          Ryan M. McEntire
          David T. Scott
The following members were nominated as corporate officers to a one-year term beginning January 1, 2015:
          J. Frederick Armstrong, President
          Larry E. Jackson, Vice President
The following members were nominated as committee chairs to a one-year term beginning January 1, 2015:
          Ryan McEntire, Finance Committee
          Clyde Clark, Scholarship Committee
          Zoe Myers, Nominating Committee
The following new member was nominated to a three-year term ending December 31, 2017:
          Georgeann V. Snead, Electronic Design and Manufacturing
On a motion by Clyde Clark, seconded by John Doyle, the above nominations were approved.
Ms. Myers stated that the committee members reviewed a handout summarizing the comments received from the Board Member Feedback Forms.  The committee discussed each of the comments on the summary form, and came to a consensus that the following items should be pursued:
·       Work toward keeping the board meeting length in the 60 to 75 minute range.
·       Committee chairs need to assume everyone has read their package and focus their reports on brief highlights and items that need approval.
·       Move the college president’s report to the beginning of the meeting.
·       Continue to hold meetings in different areas of the college.
·       Provide board meeting packages electronically as well as via USPS.
Mr. Bradford informed the board that Mr. Nash is stepping down as president after serving for three years. Mr. Bradford thanked Mr. Nash for his service to the board as president, and expressed his relief that he would continue to serve as a foundation board member.  He noted that Mr. Nash had endowed the B&W scholarship fund before he retired from B&W, and had created and raised the money for the Appomattox County High School Class of ‘62 endowed scholarship fund. 
He informed the board that he had recently attended the Council of Resource Development national conference in Washington, DC and it was very helpful in moving his institutional advancement education further along.  He attended a couple of sessions on planned giving, noting that there have only been one or two significant bequests to the college that he is aware of since the foundation was started.
Mr. Bradford informed the board that the Employee Campaign has been underway during October and it appears it will maintain the huge gains enjoyed last year and perhaps raise a few percent more.
To close, Mr. Bradford read a thank you letter from a student who had received one of the foundation scholarships.


There was no new business to report.


There was no new business to report.


There being no further business, the meeting adjourned at 9:08 AM.  The next meeting is scheduled for Tuesday, February 10, 2015.
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